How to save Long term capital gain on Sale of land

Dear sir My grand father has a land in urban area bought on 1960 which is cost amounting to Rs 5000.00 .Now he is alive and we are planning to sell the property sell value as municipal value is Rs 2.4 Cr.we are seven person blood relatives (my grand mother, father ,mother my two uncles and me) among whom the amount will be shared equally. So now my concern are as follows. 1. How to reduce the tax liability as it is in the name of my grand father. 2.Can the tax liability be reduced by executing a gift deed in favour of all relatives by grand father or can it be reduced by creating huge. 3.if the above gift deed is possible then can we deposit the each share capital gain amount in capital gain scheme in all respective names for claiming exemption 4.if capital gain scheme is possible , then whether we have to produce proof for purchase /construction of land /property for withdrawing the amount from capital gain scheme or we can normally produce a declaration that we are withdrawing the amount for purchase/construction . With regards Sanjay